Message from Jean-Paul Agon

With a further consolidated position as world number one in beauty, strong earnings growth and significant progress in social and environmental responsibility, L’Oréal demonstrates the resilience of its model and continues to create value for all.

In a volatile economic climate, I have every confidence in the Group’s ability to consistently deliver its best.

The best of its people. Their dedication and immense contribution are exemplary. L’Oréal’s 90,000 people, each in their respective field, embody agility, perseverance, boldness and commitment. They are the driving force behind our success, and I would like to express my deepest admiration to them.

The best of its executive team. The inspiring leadership of Nicolas Hieronimus, combined with the determination of his Executive Committee, were decisive. Together, they have once again demonstrated their ability to overcome challenges and seize opportunities in growth markets, while driving the Group’s continuous adaptation.

The best of its governance. L’Oréal can count on real strengths: the stability of its shareholder base, the perfectly complementary roles between the Chairman and the Chief Executive Officer, and the diversity of expertise of its directors. This year, the Board focused in particular on sustainability, as well as the transformation driven by artificial intelligence, from its responsible use to the challenges of cybersecurity. It also reviewed risk mapping. On the business front, it conducted forward-looking work focused on the Dermatological Beauty and Consumer Products Divisions.

And tirelessly, the Group continued to embody its core values, which are the cornerstone of our long-term success. Our commitment – to the environment, to ethics and to inclusion – is widely recognised and highly praised. The culture and values that unite “L’Oréalians” are what make us truly unique. In an uncertain world, they are as important as the meaning they give to everything we do.

The entire company is aligned to shape the future of beauty.

We share a clear vision and unwavering principles: an enduring commitment to sustainable and responsible growth, excellence, scientific and technological innovation, quality, a humanistic culture and a deep sense of duty.

This is our strength. And it is what makes L’Oréal ready for the future.